Mission Company provided the following information for the year 2021: Jan. 01 Inventory on hand 200 units @ P1,500 Apr. 03 Purchases 300 units @ P1,750 Oct. 01 Purchases 500 units @ P2,000 The entity sold 400 units on June 25 and 400 units on December 10. Using the FIFO method, what is the cost of goods available for sale? 1,000,000 1,175,000 1,525,000 1,825,000
Mission Company provided the following information for the year 2021: Jan. 01 Inventory on hand 200 units @ P1,500 Apr. 03 Purchases 300 units @ P1,750 Oct. 01 Purchases 500 units @ P2,000 The entity sold 400 units on June 25 and 400 units on December 10. Using the FIFO method, what is the cost of goods available for sale? 1,000,000 1,175,000 1,525,000 1,825,000
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter13: Accounting For Merchandise Inventory
Section: Chapter Questions
Problem 3CE: Use the following information to compute cost of goods sold under the FIFO and LIFO inventory...
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![Mission Company provided the following information for the year 2021:
Jan. 01 Inventory on hand 200 units @ P1,500
Apr. 03 Purchases 300 units @ P1,750
Oct. 01 Purchases 500 units @ P2,000
The entity sold 400 units on June 25 and 400 units on December 10.
Using the FIFO method, what is the cost of goods available for sale?
A) 1,000,000
1,175,000
1,525,000
1,825,000
Lo
Tyne here to search](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc7efae6f-b667-400e-b548-97f8b4ae5984%2Ff2877cf6-da52-4598-b7ff-e1d9c53bf38d%2Fcsy8bck_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Mission Company provided the following information for the year 2021:
Jan. 01 Inventory on hand 200 units @ P1,500
Apr. 03 Purchases 300 units @ P1,750
Oct. 01 Purchases 500 units @ P2,000
The entity sold 400 units on June 25 and 400 units on December 10.
Using the FIFO method, what is the cost of goods available for sale?
A) 1,000,000
1,175,000
1,525,000
1,825,000
Lo
Tyne here to search
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